FX.co ★ USD/CAD H1 analysis for December 20, 2013

General overview for 20/12/2013 07:40 CET

The price has retraced a little more than expected without making a visible wave five to the upside, so now it is possible that the whole structure will be a kind of Ending Diagonal pattern IF the level of 1.0654 is violated. Otherwise there is a pretty good chance for more impulsive continuation to complete the wave 5 blue of the overall cycle wave C green.

Nevertheless, any breakout blow the navy Ending Diagonal line is bearish and test of Weekly Pivot level is possible.

Support/Resistance:

1.0751 - WR3

1.0725 - Swing High

1.0709 - WR2

1.0677 - Intraday Resistance

1.0659 - Intraday Support

1.0654 - Impulsive Count Invalidation Line

1.0643 - WR1

1.0601 - Weekly Pivot

Trading Recommendations:

For intraday scalpers: as long as grey rectangle Key Zone holds long side of the market should be in play with SL below 1.0649 and TP at 1.0677 and TP2 at 1.0700